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January 29th, 2009

Bankruptcy Exemptions That You Need To Take Into Consideration

If you are looking at the prospect of filing any type of bankruptcy, you need to be aware of the various bankruptcy exemptions. Many of them may apply to your individual circumstances. In basic terms all businesses and individuals who file for bankruptcy have to list all of their assets. Some of them may be protected by law from creditors taking them as repayment.

The legal definition of bankruptcy according to the Merriam Webster’s Dictionary of Law (1996) is the administration of an insolvent debtor’s property by the court for the benefit of the debtor’s creditors. The same source sites the legal definition of bankruptcy exemptions as the act of exempting or state of being exempt or one that exempts or is exempted.

what assets have to be listed in personal bankruptcy The issues that surround bankruptcy laws are very detailed and complicated for the average person. The amount of legal jargon incorporated into the guidelines can make your head spin. It is hard to grasp the basic concepts when you can’t decipher the information you are reading. It is very important that you are able to protect some of your assets from your creditors.

To help you understand all of this, it is highly recommended you work with a reputable legal entity. Make sure you get a free consultation from at least two different quality sources. This way you can compare information. You want legal representation that has experience in the field of bankruptcy. You also want someone who is willing to take the time to treat you as an individual.

Each case involving a bankruptcy, whether it is for a person or a business, has to be filed in a Federal court for processing. Yet many of the rulings that relate to a bankruptcy filing are determined on a state level. Since the rules for each state vary somewhat, it complicates the issue even further. Therefore, it is important to know that the bankruptcy exemptions you can claim are affected by the type of bankruptcy you file and the state you live in.

Here is a list of the choices you can file under. Keep in mind that your legal representation should clearly go over all of the ones that apply to you. They should also discuss the pros and cons each one has to offer you. Knowing about the bankruptcy exemptions that will apply to your own case can help you decide if this is the course of action you need to take.

1. Chapter 7: Liquidation
2. Chapter 9: Reorganization for municipalities
3. Chapters 11 and 13: Reorganization
4. Chapter 12: Reorganization for Family farmers/fishers

By: Caleb Liu

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If you found this information on Bankruptcy Exemptions useful, you’ll also want to read about Avoid Bankruptcy.

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